The Supervisory Council of Latvian Shipping Company (LSC) has supported the Management Board’s proposal to raise the equity capital in an Initial Public Offering (IPO). LSC is looking to double the share capital and raise equity of EUR 80 million (the weighted average price of LSC share over the past six months on stock exchange is EUR 0.40).

The IPO process is planned to be carried out in the first half of 2016. The newly acquired capital will be used to pay down existing shipping debts due in 2016 and 2017. The LSC Management Board believes a share capital raising would achieve this and place the company in a stronger position.

The IPO is subject to approval to the LSC shareholders meeting planned to be convened in April 2016